Creative Financing to Support Businesses & Build Back Better. Howard Pierpont

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1 Creative Financing to Support Businesses & Build Back Better Howard Pierpont

2 Small Business Financing No small Job

3 Small Business Financial Challenge Small business owners will do anything to remain independent They d prefer to deplete their personal savings, borrow from family and friends, take out second mortgages on their homes or max out credit cards to stay afloat They d love a grant THE FACTS: What s most available are loans If they don t get some financial help they may fail.

4 Example: Communities creating their own financial vehicle Bastrop County, Texas pop. 75,000 Thousands of acres burned in wildfires in 2001, 2015, then floods and a tornado Began working with United Way, then set up a 501(c)3 to raise money that could be used to help residents and small businesses. Opened a recovery center in Oct Created a website where people could donate, volunteer or get information about recovery efforts gtermrecovery.org

5 Grants & Loans Government usually can t give money to existing businesses, but can create forgiveable loan One of the best options is a gift from a foundation But most foundations don t give money to businesses You can set up a local foundation specifically for disaster recovery

6 Small Business Financing In the case of the 2008 floods in Cedar Rapids, businesses took on an excess of $120 M of new debt, while experiencing revenue decreases of more than 40%

7 Bridge Loan Program Small Business Financing A bridge loan provides no-fee financing with flexible terms so that businesses can have quick access to working capital Should be made available within the first few weeks

8 Small Business Financing Forgiveable Loan Loans are forgiven if a business reopens within 12 months of receiving the loan Businesses must have already obtained a disaster loan from the SBA, or another federal- or statechartered financial institution

9 Example: Small Business Financing Forgiveable Loan Program Iowa created the Jumpstart Iowa Small Business Assistance Program to provide short-term financing Financed via $20 million from the State of Iowa, provides forgivable loans up to $55,000 per business

10 Small Business Financing Revolving Loan Fund (RLF) Funds often established to provide alternative financing to businesses that wouldn t qualify for loans by private financial sources RLFs can be established using federal funds or by local and state funds Do any of you have an RLF? Can you explain how it is used?

11 Federal Sources for Community Assistance Community Development Block Grants for Disaster Recovery (HUD CDBG-DR) Presidentially-declared disaster areas and low-income communities The grants can be used for a variety of functions, including housing, economic development, infrastructure, and prevention of further damage

12 Example: Use of CDBG funds used to transform damaged Gulf Coast Communities After Katrina, Gulf Coast Communities used CDBG funds for beautification projects to attract people back downtown Ocean Springs used a $4.6M CDBG grant to fund downtown landscaping, sidewalks, paving, curbing and lighting

13 Example: Use of CDBG funds to transform damaged Gulf Coast Communities City of Gulfport used post-storm money to inject new life into the downtown with facades, landscaping, public park and infrastructure improvements

14 Federal Sources for Small Business Financing USDA s Rural Development Disaster Assistance For post-disaster community economic recovery purposes that fall within three categories of business programs: revolving loan funds technical assistance commercial lending energy programs

15 Federal Sources for Small Business Financing USDA Rural Development also provides guaranteed loans to enhance the economic climate of rural communities by generating or maintaining employment

16 Federal Sources for Small Business Financing U.S. Small Business Administration (SBA) Low interest loans to homeowners, renters, businesses of all sizes, and private, nonprofits Loans for repair or replacement of property, machinery, equipment, inventory -- business assets damaged or destroyed in a declared disaster

17 Federal Sources for Business Financing U.S. Treasury Department s Community Development Financial Institutions (CDFI) Fund The CDFI Fund offers 2 funding options : Technical Assistance awards and Financial Assistance awards. They can be used to promote economic development, job creation, and development of businesses and commercial real estate

18 Federal Sources Department of Labor s Employment and Training Administration s National Emergency Grants (NEGs) for Disaster Funding for workforce support: Single company layoff of 50 or more Multiple company layoffs, where 50 or more workers from each company are dislocated Industry-wide layoffs Layoffs affecting an entire community where there are multiple small dislocations (50 workers or less)

19 Use of National Emergency Grants (NEGs) after Hurricane Isaac In 2014, Louisiana received $1.1 million in grant funding to continue Hurricane Isaac recovery efforts in Louisiana. This was in addition to $2.2M received in Out of work citizens were paid to help with the cleanup, easing employment pressures when businesses were shut down 55 of the state's 64 parishes were eligible for Public Assistance

20 Federal Sources to help ease military closures When the economic disaster is due to Military Base Downsizing Defense Conversion Assistance Programs Broad range of activities to implement defense conversion strategy Funded through the authority of three EDA programs o Title I Public Works o Title IX Economic Adjustment Assistance o Title II Technical Assistance Grants range from several hundred thousand dollars to several million dollars o require 25% match from community

21 Military Bases in Mississippi - $5.7B impact Most every part of the state has a military installation. Therefore, it s critical to have relationships with base management. Understand how to work with federal resources in the event of downsizing or closure. Remember that impact is not only direct employment, but also military contractors and manufacturing to support Defense, as well as retail. The last military base to close in Mississippi was Naval Station Pascagoula.

22 Federal Sources to help the community Defense diversification resources Office of Economic Adjustment planning assistance oeconomic impact of defense reduction must be significant omust be a direct and significant economic effect 2,500 jobs for a Metropolitan Statistical Area (MSA) 1,000 jobs for a non-msa area 1% of the area labor force

23 When the issue is Major Industry Losses Support is often available from these federal agencies:

24 Federal Sources for Small Business Financing IRS: Assistance and Emergency Relief for Individuals and Businesses Taxpayers affected by a presidentiallydeclared disaster can get tax relief Postponement of tax filing Claim losses on previous year taxes Businesses in a federally declared disaster can get a faster refund by claiming losses related to the disaster on the tax return for the previous year, filing an amended return Questions?

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